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A basement renovation is an extremely cost-effective way of adding living space to your home when compared with building an
addition. On average, if you use a professional contractor, the renovation should cost $17 to $28 per square foot, depending
on the design and finishes. This includes basic framing, plumbing, electrical, insulation, drywall, trim, paint, under padding
and carpet. Materials generally consist of about one-third of the cost. Additional costs include such items as a fireplace,
kitchen, bathroom, special structural work and built-in cabinetry, and egress to meet local building code.
Kitchens and bathrooms are two of the most expensive aspects of a basement renovation. The cost of a basement kitchen
can vary from $2,500 to $6,000 or more. A four-piece bathroom generally costs about $8,500, while a two-piece bathroom costs
about $6,000. A gas fireplace typically costs $2,000 to $3,500. Due to the wide variation in the cost of different items,
it is important to set your budget and establish your priorities. Another expense that is often overlooked is the egress window.
In 2004 Pennsylvania adopted the IRC 2003 universal building code. This has made building codes through out the State uniform.
This means egress requirements are mandated in all basements that are being made habitable. (There is an entire section dedicated
to egress on the link above) To put in a code compliant window is about $4000.00.
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